Finance and invoicing apps for small businesses

Could your small business free up time by using a finance and invoicing app? Learn about some of the most useful ones here.

Invoicing and finance can be a daunting prospect for any business, but luckily there are a number of mobile apps to help streamline and simplify these processes. From tracking payments and invoices to creating budgets and forecasting, there are mobile apps for each of your business’s needs. In this Part 1 of our series on App Advice for Small Business, we'll look at some of the most popular finance and invoicing apps for businesses and discuss the advantages of each.

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The benefits of using a finance app

Using the right finance and invoicing apps can transform your business – allowing you to easily keep track of your finances, manage invoices and payments and provide customers with an easy way to pay. These apps can save you time and money, and help you develop better customer relationships. Additionally, these business tools can help you stay up to date with the latest financial trends, better understand your financial health and gain insights into your customer base.

But which finance apps for business should you choose?

Deciding which accounting software is best for your business can be a challenge, with dozens of options available. Some companies use a mix of the following apps. We hope to make your choice easier by highlighting each apps' strengths and weaknesses. So, let's start with one of the most popular finance apps.

1. QuickBooks

QuickBooks is one of the most popular accounting platforms on the global market, with over 5.2 million subscribers worldwide. QuickBooks Online is a cloud-based accounting tool, offering you a range of features that make it an ideal all-round choice for small and medium-sized businesses, including the ability to track expenses, generate invoices, manage customers and vendors, reconcile bank accounts, and generate financial reports.

Features and Ease of Use

As one of the more established apps, all your small business accounting needs are catered for, and it’s ready to scale as your business grows. QuickBooks is easy to use, with clear navigation and a multitude of features to employ. Want to track income and expenses? Check. Capture and organise receipts, invoice people, run reports? Check, check, check.

Pricing

The Essentials plan is £24 or €23.50 a month after the 6-month special offer ends.

Integrations

QuickBooks also has a range of integrations with other popular accounting software, such as Xero and Sage, as well as with third-party services such as PayPal, Square and Stripe.

QuickBooks Strengths

• Highly customisable

• Integrates with most other apps

• Robust accounting features

• Range of features such as inventory management and budgeting tools

QuickBooks Weaknesses

• The technical knowledge of the Level One support team is limited

• More expensive if you only need one user

• Limits number of users

2. FreshBooks

FreshBooks is a great choice if you're a solopreneur or freelancer and you want a simple but innovative finance and invoicing app. FreshBooks is specifically designed to help small business owners manage their client invoicing, payments and expenses. The cloud-based app allows you to access your data from anywhere, anytime, providing you with the ultimate flexibility and convenience.

Features and Ease of Use

FreshBooks helps you get paid on time with automated payment reminders and tracking features. Multiple users can be set up, giving you additional control over who has access to your data. The app is secure and reliable, with data backed up daily. The app also offers customisable invoices with branding capabilities, so you can make your invoices reflect the look and feel of your business.

Pricing

The FreshBooks standard plan is £22 or €24 per month after the 6-month discount period ends.

Integrations

Freshbooks integrates with popular accounting and payment platforms like PayPal, Stripe and Xero, as well as allowing you to accept payments directly via credit card or ACH.

FreshBooks Strengths

• Perfect for freelancers and small businesses that don’t need all the bells and whistles that QuickBooks offers

• Very easy to set up

• Excels if you just need invoicing capabilities

FreshBooks Weaknesses

• Does not have all the features that come with QuickBooks and Sage

3. Sage

Sage is globally recognised as an established provider of accounting services, and – contrary to what one might think - it’s not just for multinational conglomerates. Sage has some great products for smaller businesses and entrepreneurs too.

Features and Ease of Use
Sage offers an array of features to help streamline finances, including invoicing, payments, payroll, cash flow and stock control, as well as integrated banking services. The software is easy to use and provides timely financial reports and up-to-date data to help business owners stay on top of their finances. Sage also provides an online community forum and customer support to help businesses make the most out of the product. Sage accounting products are available both as a cloud-based and desktop solution, so accessible via your smartphone.

Pricing
The standard Sage plan is available for £26 or €25 per month after the 6 month discount.

Integrations

Sage integrates with popular apps and services, such as PayPal, Shopify, Stripe and QuickBooks, making the accounting process even simpler.

Sage Strengths

• Unlimited users

• Unlimited transactions & chart of accounts

• Advanced views for accountants & bookkeepers

• Built-in GDPR compliance

• Sage membership

Sage Weaknesses

• The reporting tool can be difficult to use

• Access to customer support could be better

4. YourTradebase

Another of our recommended apps is YourTradebase, which is a finance and invoicing app designed specifically for tradespeople, and comes with a range of features to help you manage your finances and get paid faster.

Features and Ease of Use
With an easy-to-use interface and customisable templates, you'll be able to create invoices and estimates quickly and accurately. You can also track payments, manage customers and contacts, and get a real-time overview of your business finances.

YourTradebase also includes some extra features to help you stay on top of the workload. You can use the job scheduling and job reports to keep an eye on your projects, and set up notifications to remind yourself and your customers of upcoming tasks.

Pricing
£25 or €28 per month with a one-month free trial, or 2 months free if you pay for a whole year up front.


YourTradebase Strengths

• Easy to use once you’ve set the materials and price lists

• See exactly what profit you make from the job

• Uncluttered layout and easy to navigate

• Can follow up clients with one click

• Great customer service and willingness to improve the software

YourTradebase Weaknesses

• Lacks accounting functionality

• Not cheap

• Limited customisation

Three finance apps that are free

Choosing a reliable finance app doesn't necessarily require you to fork out for a monthly subscription. Because when you're just starting out in business, every little saving counts. That's why we want to point you to three finance and invoicing apps that are reliably good, with excellent reviews – and don't charge a monthly subscription.

5. ZipBooks

ZipBooks is a finance and invoicing app for businesses that's easy to set up and use, and it's free. It carries out all the core functions of the major finance apps above, allowing you to quickly create and send invoices, track payments and manage your finances. It is well-liked for its ongoing product support and regular feature updates, although it's not available on Android. You can also integrate it with the other popular accounting apps and tools.

6. Wave

Wave is a free app that is ideal for small businesses to create, send and manage invoices with ease. It's a great choice if you're required to do double entry accounting, providing an integrated accounting feature. It also supports multiple currencies, making it a great choice for doing business globally.

7. Zoho Books

Zoho Books is free, as long as you're sending fewer than 1,000 invoices per year. It allows you to do MTD VAT filing, supports multiple payment methods and provides a range of features to help you streamline your invoicing process.

How can I ensure my financial data is secure when using invoicing apps?

Invoicing apps can be a great way to streamline accounts and manage payments, but it's important to make sure you're using the right one for your needs.

When selecting an invoicing app, security should be your top priority. Look for apps that use industry-standard encryption protocols and secure payment gateways. It's also important to ensure that it's GDPR compliant. You should check that the app has secure data storage and that your data isn't shared with third parties. Additionally, make sure you have two-factor authentication enabled to protect your account.

You should also check the security of the smartphone device you’re using your finance apps on. Most Samsung Galaxy handsets have a built-in ‘Secure Folder’ feature that you can set up to house these apps. The iPhone doesn’t have any kind of secure folder functionality integrated into its iOS software, but you can use the OneDrive Personal Vault functionality to add an extra layer of security.

To further protect your financial data, you should regularly review the access rights of users who have access to your financial data. You should also consider enabling notifications to be sent out when changes are made to your financial data. Finally, it's important to backup your data regularly to ensure you always have a copy in case of any unexpected issues.

Need more free small business advice?

If you need one-to-one advice about managing digital for your business, you can also speak to one of our V-Hub Digital Advisers by phone.